Mumbai: Indian traders have cancelled 25,000 metric tons of soymeal export contracts for the first time since 2021 and booked 80,000 tons of imports from African countries after soaring domestic prices reversed trade flows, trade sources said.
The cancellations are likely to help soymeal suppliers in North and South America boost shipments to Asian buyers that traditionally source from India. India's soybean purchases are also allowing African exporters to sell the oilseed at a hefty premium to global benchmark prices.
